Core Viewpoint - On August 1, InnoCare Pharma made its debut on the Hong Kong Stock Connect active trading list, marking its first appearance in the past month, with significant trading volume and a notable price increase [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 38.767 billion HKD, accounting for 29.03% of the total trading amount on that day, with a net buying amount of 9.016 billion HKD [1] - Tencent Holdings led the trading volume with 5.412 billion HKD, followed closely by InnoCare Pharma and Alibaba-W, with trading amounts of 4.391 billion HKD and 4.390 billion HKD respectively [1] Stock Performance Summary - InnoCare Pharma recorded a trading volume of 4.391 billion HKD on August 1, with a net buying amount of 0.364 billion HKD, and its stock price surged by 30.91% on that day [1] - The stocks with the highest frequency of appearance on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 23 times, indicating strong interest from Hong Kong Stock Connect investors [1]

8月1日恒生指数下跌1.07%，南向资金全天合计成交金额为1335.36亿港元，其中，买入成交728.72亿港 元，卖出成交606.64亿港元，合计净买入金额122.07亿港元。具体来看，港股通（深）累计成交金额 507.42亿港元，买入成交286.87亿港元，卖出成交220.55亿港元，合计净买入金额66.32亿港元；港股通 （沪）累计成交金额827.94亿港元，买入成交441.85亿港元，卖出成交386.09亿港元，合计净买入金额 55.75亿港元。 8月1日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 02800 | 盈富基金 | 376296.66 | 374441.50 | -1.11 | | 02828 | 恒生中国企业 | 221455.60 | 171972.10 | -0.95 | | 01810 | 小米集团-W | 399608.65 | 109922.43 | 0.47 | | 03033 | 南方恒生科技 | 185424.26 | 85558.9 ...

Group 1 - Southbound funds recorded a net inflow of HKD 12.207 billion, marking the fourth consecutive day of net inflows exceeding HKD 10 billion [1] - Notable net purchases included the Tracker Fund of Hong Kong (HKD 3.744 billion), China Enterprises Index (HKD 1.72 billion), and Xiaomi Group (HKD 1.099 billion) [1] - Southbound funds have consistently net purchased Tencent for 7 days, totaling HKD 3.5417 billion, and Xiaomi for 6 days, totaling HKD 4.13539 billion [3] Group 2 - Xiaomi Group's chairman Lei Jun announced that the company delivered over 30,000 vehicles in July and plans to open 18 new stores in August, expanding its presence to 352 stores across 97 cities [4] - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of an 800 VDC power architecture in AI data centers, which significantly enhances system efficiency and reliability [4] - Stone Pharmaceutical completed a transaction with Madrigal involving a GLP-1 small molecule drug with an upfront payment of USD 120 million and potential milestone payments of up to USD 1.955 billion [4] Group 3 - The Hong Kong Monetary Authority's stablecoin licensing regime officially took effect on August 1, with expectations of a limited number of initial licenses being issued [5] - BlackRock reduced its stake in Innovent Biologics from 5.19% to 4.69% as the company registered a Phase II clinical trial for IBI363, indicating confidence in its new generation immunotherapy [5] - UBS forecasts a 36% year-on-year revenue growth for Innovent Biologics in the first half of the year, projecting the company to achieve breakeven [5]

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2] - The Tracker Fund of Hong Kong received a net inflow of 37.44 billion HKD, Hang Seng China Enterprises received 17.19 billion HKD, and Southern Hang Seng Technology (03033) received 8.55 billion HKD [5] Group 2 - Xiaomi Group-W (01810) saw a net inflow of 8.55 billion HKD, with the chairman announcing that July's car deliveries exceeded 30,000 units due to increased production capacity [6] - Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) received net inflows of 8.36 billion HKD, 7.66 billion HKD, and 2.02 billion HKD respectively, while Alibaba-W (09988) faced a net outflow of 2.02 billion HKD [6] - Innovent Biologics (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V direct current power architecture [7] Group 3 - Guotai Junan International (01788) experienced a net outflow of 48.99 million HKD amid the implementation of the stablecoin regulatory framework in Hong Kong [8] - Other stocks that saw net inflows included CSPC Pharmaceutical Group (01093) with 2.52 billion HKD and Giant Legend (06683) with 6.55 million HKD, while Innovent Biologics (01801) and SMIC (00981) faced net outflows of 4.02 billion HKD and 1.77 billion HKD respectively [8]

Group 1 - On August 1, 2025, InnoCare Pharma (02577), Tencent Holdings (00700), and Alibaba Group-W (09988) ranked as the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 3.333 billion, 3.023 billion, and 2.736 billion respectively [1] - In the Southbound Stock Connect, Tencent Holdings (00700), Yingfu Fund (02800), and Southern Hang Seng Technology (03033) were the top three companies by trading volume, with transaction amounts of 2.389 billion, 2.076 billion, and 1.854 billion respectively [1] Group 2 - The top ten active companies in the Southbound Stock Connect included InnoCare Pharma (02577) with a transaction amount of 3.333 billion and a net buying amount of +320 million, Tencent Holdings (00700) with 3.023 billion and +102 million, and Alibaba Group-W (09988) with 2.736 billion and -416 million [2] - In the Southbound Stock Connect, Tencent Holdings (00700) had a transaction amount of 2.389 billion and a net buying amount of +734 million, Yingfu Fund (02800) had 2.076 billion and +2069 million, and Southern Hang Seng Technology (03033) had 1.854 billion and +856 million [2]

不过，南向资金当周累计成交7,636.41亿港元，较上周缩量近400亿，主要受恒指大盘连续调整影响。 个股方面，近7天南向资金： 大幅净买入：小米集团-W(01810.HK)36.70亿港元；腾讯控股(00700.HK)35.42亿港元；阿里巴巴-W(09988.HK)22.76亿港元； 美团- W(03690.HK)22.28亿港元；中国人寿(02628.HK)21.01亿港元；理想汽车-W(02015.HK)20.93亿港元；石药集团(01093.HK)16.64亿港元。 大幅净卖出：泡泡玛特(09992.HK)5.43亿港元；老铺黄金(06181.HK)2.79亿港元。 智通财经8月1日讯（编辑 冯轶）据Wind数据显示，本周南向资金累计净流入约590.20亿港元，流入规模环比上周增长约83%，创下4月中旬以来单周最高净 流入水平。 | | | | 南向 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排名 股票代码 | 股票简称 | 净买入 排名 | | 股票代码 | 股票简称 | 净买入 | | 1 2800.HK | 图富基金 | 134 ...

南向资金今日大幅净买入122.07亿元。港股通（沪）方面，恒生中国企业、盈富基金分别获净买入17.2 亿港元、16.75亿港元；阿里巴巴-W净卖出额居首，金额为4.16亿港元；港股通（深）方面，盈富基 金、南方恒生科技分别获净买入20.69亿港元、8.56亿港元；信达生物净卖出额居首，金额为4.02亿港 元。 ...

香港交易所信息显示， 贝莱德在 信达生物的持股比例于07月28日从5.19%降至4.69%。 ...

从中证沪港深500医药卫生指数持仓的市场板块来看，香港证券交易所占比37.87%、上海证券交易所占 比33.61%、深圳证券交易所占比28.52%。 从中证沪港深500医药卫生指数持仓样本的行业来看，化学药占比36.20%、制药与生物科技服务占比 18.33%、生物药品占比18.14%、医疗器械占比11.07%、中药占比8.56%、医疗商业与服务占比7.70%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 金融界8月1日消息，上证指数下跌0.37%，中证沪港深500医药卫生指数 (沪港深500医药，H30463)下跌 1.74%，报8507.96点，成交额405.94亿元 ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].